7A Request from Presbyterian Homes for Conduit Financing

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Section 3.3 Disbursernent of the Loan. Pursuant io tl�e Resolution and the Act, the City has authorized the Borrow�r to provide direct�y for the financing of the Pzoject in such manner as determined by the Borrower and hereby authorizes the Lender to advance the proceeds of the Note direciiy to the Borrower or such othez parties as may be entitled to payment or reimbursenr�ent for Project Costs and Issuance Expenses, upon receipt of such supporting docurnentation as the Lender xnay deem reasonably necessary or as required by this Agreemeni and the Disbursing Agree�ent. Section 3.4 Re�ayixieni. Subject to the prepayment provisions set forth in the Note, the Borrower agrees to repay the Loan by mal�ing all payments of principal, interesi and any premiurn, penalty or charge that are required to be made by the City under the Noie at the times and in the amounts provided iherein. AIl payaments shall be made directly to the Lender at its office for �he account of the City. The Bonrower represen�ts and covenanis tliat the source oi payment of the Nate is from revenues der�ved from the operation of the Project and other revenues of the Borrower obtained pursuant to its tax-exempt puipos�s. Section 3.5 Borrower's 4bli ations Unconditzonal. All payments required af the Borrow�r hereunder shall be paid without notice or demand and �ovitk�oui setoff, counterclaim, abatemen�, deduction or de%nse. The Borrovver will not suspend ar discontinue any paymenis, and vvill perform and observe all of its other agreements in this Agreement, and, except as expressly pernlitted herein, will not ter�ninate this Agreerrient for aa�y cause, including but not lirnited to any acts or circunn.stances that may constitute failure of consideration, destruction or darnage to �he Project, eviction by paraxnount �itle, comrnercial fiustration of puipose, baukruptcy ar insolvency of the Ci�y ar ihe Lender, change in the tax or other laws or administra�ive rulings or actions of the United S�ates of America or of the State of Minnesoia or any political subdivisian thereof, or failure of the City to perform and observe any agreement, whether express or implied, or any duty, liability or obligation arising out of ar cor�ecied with this Agreement. Section 3.6 City's Adminisirative Fe�. Qn the date of Closing, the Borrower shail pay to the City ar� administrative fee of %z of 1% of the principal amount of the Note plus all costs reasonably incurred by the City in conneciion with the issuance of the Note. Zaoss�sva 10